London, UK. 13 July 2017 – Brainloop, a leading provider of cloud-based solutions for digital collaboration, announced today that it has been certified compliant with the requirements of the international ISAE 3402 Type II standard.The report produced by an independent tester confirms that Brainloop’s collaboration platform is also suitable for use in highly-regulated industries.
ISAE stands for International Standards for Assurance Engagements. This standard is binding for all companies that are subject to accounting regulations, especially banks and insurance providers. If these firms outsource business-critical tasks to a service provider, that company must comply with the stringent regulatory requirements and prove this compliance with an ISAE 3402 report. Germany’s Federal Financial Supervisory Authority (BaFin) has also formulated similar requirements within the framework of its Minimum Requirements for Risk Management (MaRisk) guidelines.
For the certification process, Brainloop optimised its internal control system based on the international COBIT framework and adapted it to ISAE requirements. Independent auditors from Ebner Stolz then tested the system’s effectiveness and presented their results in a report. This report is available to Brainloop customers on demand.
Compliance with FINMA criteria in Switzerland
On the basis of the ISAE report, Brainloop has also received confirmation that it complies with FINMA criteria for outsourcing activities by banks. Auditors from BDO Switzerland have confirmed that Brainloop services fulfil regulatory requirements for the Swiss financial sector.
“The ISAE 3402 certification and the confirmation of compliance with FINMA requirements both show that Brainloop is a reliable partner – even for the highly-regulated financial sector,” comments Dr. Eike Schmidt, CTO of Brainloop. “Our extensive protection mechanisms naturally benefit all the users of our secure collaboration solutions – not only those in the financial services industry.”